This market is majorly dominated by the electrical application. They are widely used in automotive and aerospace applications, as they are flexible and can be molded into complex shapes and sizes. The increase in the demand for corrosion an heat resistant products, improved electrification and need for safety at home and commercial building, encourages use of reliable components such as thermoset molding compounds in electricals that are heat resistant and thermally stable and availability of new innovative products are the factors driving the thermoset molding compounds market.

Rising need for thermally stable and corrosion resistant components will drive the molding compounds market by thermoset resin type for various applications

The major forces driving the thermoset molding compounds market are replacement of traditional materials thermoset molding compounds products. These products offer superior properties including corrosion resistance, heat resistance, and dimensional stability. Lightweight and increase in fuel efficiency have always been the foremost drivers for using thermosets in the automotive industry, the benefits of reducing the weight of a car or a truck include lower fuel consumption and operating costs, resulting in fewer emissions as well.

The phenolic molding compounds is projected to be the fastest-growing segment during the forecast period in the thermoset molding compounds market. With their properties they are used in applications such as disc break pistons, commutators, circuit breakers, and so on. Phenolic molding compounds, being heat resistant in nature offer consumer safety in case the end product overheats, melts, or initiates a fire, phenolic molding materials protect the components from adverse effects of high temperature.

Asia-Pacific is the largest market for thermoset molding compounds

China contributes a major market share in the global as well as Asia-Pacific thermoset molding compounds market. The growing economy, industrial development with the availability of low-cost labor in the region, and the increasing demand of low-maintenance products are some of the factors driving the thermoset molding compounds market in Asia-Pacific.

The major players in the thermoset molding compounds market include:

Hexion Inc. (U.S)

Hitachi Chemical Company (Japan)

BASF SE (Germany)

Huntsman International LLC (U.S.)

Eastman Chemical Company (U.S)

MarketsandMarkets broadly segments the thermoset molding compounds market on the basis of resin type; region and applications. The study covers more than 10 countries for the four main regions namely, North America, Europe, Asia-Pacific, and RoW.

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